Assuming that you’re doing things right in your business (and assuming that COVID hasn’t completely shut you down!), sooner or later your business is going to grow. 2020 may have thrown a wrench into things, but growth is bound to happen if you are providing exceptional value to customers who are more than happy to reward you with dollars.
Eventually, your company will expand to the point where you will need help managing your finances. You probably already outsource your taxes to someone, but what do you do when juggling payroll, bookkeeping, accounts payable, and accounts receivable becomes too much for you to handle by yourself?
The cost of hiring a full-time CFO can range anywhere from $60,000-100,000 per year plus the cost of insurance, bonuses, and benefits! Larger organizations (those grossing $10 million or more annually) are generally able to hire a full-time, in-house Chief Financial Officer (CFO). However, smaller companies aren’t usually able to come up with enough work to justify having a dedicated employee in that role for 40+ hours every week.
SOLUTION: HIRE A FRACTIONAL (OR PART-TIME) CFO.
Fractional CFOs have been used by small-to-mid-sized businesses for years. It’s an outsourcing strategy that brings c-suite talent to your company long before you can afford an actual c-suite.
- They are available as needed. Once a week, once a month, a few hours at a time…whatever you need.
- They are cost-effective. You only pay when they do actual work. No need to worry about spending money on an employee you aren’t fully utilizing.
- They bring an outside perspective. As independent contractors, fractional CFOs often work with multiple businesses. So when it comes to your financial situations they can provide insights an employee who only works for one company may not have.
- They bring industry knowledge. By working with companies across a wide variety of industries, they are in a unique position to help you better understand trends happening outside the walls of your business.
- They often bring you an entire finance team. CFO firms often employee several team members with expertise in multiple areas of finance: basic accounting, payroll, bookkeeping, taxes, business growth, etc. One fee gets you a lot more value than a single in-house employee could provide.
At CRS CPAs, we have spent the past several decades providing fractional CFO services to businesses of all sizes. Our team of financial experts is ready to provide you with the part-time CFO support you need to succeed.
Click the link above to see what all we can do for you, then give us a call!